June 07, 2022

Toomey Intends to Support Michael Barr for Federal Reserve Vice Chair for Supervision

Washington, D.C. – U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) today announced his intent to support Michael Barr, President Biden’s nominee for Governor and Vice Chair for Supervision at the Board of Governors of the Federal Reserve System. The Committee will vote on Mr. Barr’s nomination tomorrow afternoon.

“Professor Barr is well-qualified to serve as the Fed’s Vice Chair for Supervision based on his prior government service and distinguished career focused on financial services and regulation. While I disagree with Professor Barr on a number of policy issues, he has pledged to fight the record high inflation that’s hurting American families. He has also publicly acknowledged that the Fed does not have the authority to, nor should it, allocate credit or use its regulatory powers to accelerate the transition to a lower carbon economy. Importantly, in our conversations and in written correspondence, Professor Barr has strongly committed to promote transparency and accountability at the Fed, including the regional Reserve Banks. I look forward to supporting his nomination.”

Mr. Barr today sent a letter to Ranking Member Toomey emphasizing the importance of transparency and accountability within the Federal Reserve System, including the Reserve Banks. In his letter, Mr. Barr said that, if confirmed, he would commit to working to help ensure that:

·        The Board of Governors and the Reserve Banks do not engage in political activities, including political lobbying;

·        The Board of Governors and the Reserve Banks respond promptly and thoroughly to congressional information and record requests from all Members of Congress;

·        The Board of Governors and the Reserve Banks respond promptly and thoroughly to Freedom of Information Act requests, as applicable; and

·        The Board of Governors effectively oversees the Reserve Banks to help ensure their activities and operations, including research and community development efforts, are consistent with the Federal Reserve’s statutory mandates.

To read Mr. Barr’s full letter to Ranking Member Toomey, click here.